Futures on the Dow Jones Industrial Average (DJI) are decidedly lower in pre-market trading, as disappointing economic data out of China and Germany weighs on investors. On the home front, "The new National Association of Active Investment Managers (NAAIM) report came out on Friday, and the reading is the second highest of the year," said Schaeffer's Equities Analyst Bryan Sapp. "Additionally, the CBOE Market Volatility Index (VIX) is trading near a 52-week low. This worries me, as it seems many bears have given up, and this can sometimes signal market tops."

• Four signs why the VIX could see a short-term pop.
• Three sectors that have responded well to QE (and, a few that haven't).
• What technical milestones did Dow component General Electric Company (NYSE:GE) and homebuilder Lennar Corporation (NYSE:LEN) recently hit?

Futures on the Dow Jones Industrial Average are more than 48 points below fair value.

Market Statistics

Equity option activity on the Chicago Board Options Exchange (CBOE) saw 1,553,487 call contracts traded on Friday, compared to 956,290 put contracts. The resultant single-session put/call ratio fell to 0.62, while the 21-day moving average dipped to 0.64.

From the Trading Floor

"I'm still keeping my eye on the 1,440, 1,460 and 1,475 levels on the S&P 500 Index (SPX)," continued Sapp. "Also, Apple Inc. (NASDAQ:AAPL) released the iPhone 5 on Friday, and the stock closed right at $700. It's my opinion that this will have a huge effect on the overall market today, especially when we get a look at the weekend sales numbers."

Currencies and Commodities

• The U.S. dollar index is strengthening this morning, with the currency 0.4% higher at $79.70.
• Crude oil is in retreat mode, with November-dated crude 1.3% lower at $91.65 per barrel.
• Gold futures have pulled back, as well, with the gold for December delivery down 1% at $1,759.50 an ounce.

Earnings and Economic Data

We'll begin the week on the economic front with the Dallas Fed's manufacturing index. Meanwhile, LEN, Paychex (PAYX), and Red Hat (RHT) are scheduled to take their respective turns in the earnings confessional.